Last checked at 2 Jan 2013 08:36
Press release
The Weir Group PLC
2 January 2013
Disposal of LGE Process and completion of acquisition of Mathena Inc
The Weir Group PLC ("Weir") announces the sale of LGE Process to Babcock International Group PLC for an enterprise value of £23m. The transaction completed on 28 December 2012.
Weir also announces completion of the acquisition of Mathena, Inc on 31 December 2012. The terms of this transaction were announced on 20 December 2012.
Contact details: The Weir Group PLC |
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Andrew Neilson, Head of Corporate Affairs & Strategy | Tel: +44 (0) 141 308 3750 |
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Jonathan Milne, Communications Manager | Tel: +44 (0) 141 308 3781 +44 (0)771 378 9536 |
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The Maitland Consultancy |
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| Peter Ogden, Rowan Brown | Tel: 020 7379 5151 | ||
About LGE Process
LGE Process designs and builds plants for the processing, storage and handling of liquid gases and is a market leader in supplying these solutions to the marine and onshore sectors. Revenues in the year ending 30 December 2011 were £26.3m and operating profits were £3.0m.
About Mathena, Inc
Headquartered in El Reno, Oklahoma, Mathena, Inc ("Mathena") is a leading provider of superior quality pressure control solutions in drilling applications, supported through 12 service facilities located in the key US unconventional oil and gas basins. Mathena products help to control, separate and vent abnormal pressures from the well bore during the drilling process. Mathena, Inc was founded in 1990 by Harold Mathena, the current chairman of the business. Gross assets at 31 December 2011 were US$75m with 2011 profits before taxation of US$46m. Weir is acquiring the company from entities controlled by Harold Mathena and his family.
See www.mathena-inc.com for further information.
About The Weir Group PLC
Weir, a FTSE 100 company founded in 1871 and headquartered in Glasgow, Scotland, is a global provider of engineering solutions to the minerals, oil and gas and power sectors. Our commitment to engineering excellence, research and customer focus extends equipment wear life and operational capability in some of the world's most challenging environments.
Weir is committed to going where our customers go, with a worldwide network of more than 140 manufacturing facilities and service centres. The business has a presence in more than 70 countries, with over 14,000 staff around the world working in three divisions; Minerals, Oil & Gas and Power & Industrial. Weir's customer base includes the world's largest mining houses, major oil services businesses and nuclear and conventional power generation companies.
Annual revenues were more than £2.2 billion in 2011, of which more than half came from the provision of services and aftermarket support. Emerging markets contributed around one third of overall Group revenues.
See www.weir.co.uk for further information.